answer 21-25

Use the following to answer questions 21_25 TIM Company's cash ledger reports the following for the month ending October 31, 20XE. Deposits Date 3-Oct No. 1151 1152 10-Oct 17-Oct Amount $17,500 33,250 39,500 22,400 29,500 $142,150 1153 Checks Date Amount 4-Oct $12,000 6 Oct 8,500 15-Oct 42,900 16 Oct 9,800 20-Oct 17,700 22-Oct 14,900 29-Oct 27,250 $133,050 1154 24-Oct Cash receipts 10/26 -10/31 1155 1156 1157 Balance on October 1 Receipts Disbursements Balance on October 31 $23,800 142,150 133,050 $32,900 Information from October's bank statement and company records reveals the following additional information: a) The ending cash balance shown on the bank statement is $46,798. b) Cash receipts of $29,500 from 10/26-10/31 are outstanding. c) Checks 1156 and 1157 are outstanding. d) The deposit on 10/24 includes a customer's check for $400 that did not clear the bank (NSF check). e) Check 1154 was actually written for $9,080 for equipment purchased in October. The bank properly recorded the check for this amount. 6) An automatic withdrawal for October rent was made on October 4 for $2,400, ) The company's checking account earns interest based on the average daily balance. The amount of interest earned for October is $5. h) Last year, one of the company's customers requested their A/R be converted to a Note Receivable (they owed $3,200 to the company). On October 29th, the customer paid $3,350 ($3,200 note amount plus $150 interest) directly to the bank in payment for the amount they owed the company W The bank charged the following service fees: $25 for NSF check, $1 for automatic withdrawal for rent payment, and $1 for collection of the loan amount from the customer. Prepare a bank reconciliation for October 31, 20XE to assist answering the questions following